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Related Flashcards
Cards In This Set
| Front | Back |
|
MP
|
= change in quantity/change in labour
|
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AP
|
= q/L
|
|
AFC
|
= TFC/q
|
|
TVC
|
= price of L per day x L (workers)
|
|
AVC
|
= TVC/q
|
|
ATC
|
= TC/q = TVC+TFC/q = AVC+AFC
|
|
MC
|
= change in TC/change in q = change in TVC/change in q
|
|
TC
|
= TVC+TFC
|
|
TFC
|
= AFC x q
|
|
MR
|
= change in TR/change in q
|
|
AR
|
= TR/q
|
|
Profit
|
= TR-TC
|
